04 Jul Bitcoin Stuck at $19K as Crypto Markets Stagnate (Market Watch)
Bitcoin continued to trade sideways and was stopped before coming close to challenging $20,000. The altcoins are in a similar position, with very few notable movements in either direction.
Bitcoin Stuck Below $20K
Last last week, which was also the end of BTC’s horrific Q2, delivered a lot more volatility than the past several days. At the time, the cryptocurrency was sliding hard and dropped to a 10-day low of under $18,800.
However, the bulls briefly took control over the market at this point and pushed the asset north. In a matter of minutes, bitcoin found itself trading almost $2,000 higher (close to $21,000).
Nevertheless, the predominantly bearish market sentiment continued, and BTC dropped below $20,000 shortly after. It retraced to around $19,000, where it spent most of the weekend as well.
The only exception came yesterday when BTC spiked to $19,600 but was quickly stopped and is back to a familiar ground now. As such, its market cap is still around $365 billion, and its dominance over the alts is again at 42.2%.
BTCUSD. Source: TradingView
Altcoins Stand Still
Similar to BTC, most of the altcoins are untypically stable and have been so for days. Ethereum, for example, continues to trade at around $1,050. Until the start of the weekend, ETH was close to breaking below $1,000, and before that stood above $1,100.
BNB is still just under $220, ADA is at $0.45, and MATIC is down by 4% on a daily scale. In contrast, Ripple, Solana, Dogecoin, Polkadot, and Shiba Inu have marked insignificant gains.
TRON has surged the most (4.3%) in a day and trades north of $0.065. LEO is up by almost 3% and is close to $6. From the lower- and mid-cap alts, The Sandbox has seen the most impressive increase of 5%.
The cumulative market cap of all crypto assets has also remained stagnant at just over $850 billion.
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